SPG International faces bankruptcy

DRUMMONDVILLE, Que. — In a surprise move, toolbox manufacturer SPG International has closed its doors after being granted bankruptcy protection. The company’s Asian-based shareholders had tried without success to find a buyer. Benoit Clouâtre of court-appointed trustee Deloitte Restructuring said the closure will mean the loss of about 100 jobs. An asset sale is underway, and SPG still has the opportunity to strike a deal with creditors to avert bankruptcy.